Savvy Senior: The Retirement Benefits of a Health Savings Account

Dear Savvy Senior,

What can you tell me about health savings accounts? I’ve been reading that they are a great investment that can help with growing health care costs when I retire.

--Planning Ahead

Dear Planning,

It’s true! A health savings account is a fantastic financial tool that can help you build up a tax-free stash of money for medical expenses now and after you retire – but there’s a catch. To get one, you must have a high-deductible health insurance policy.

How They Work

Health savings accounts (or HSAs) have become increasingly popular over the past few years as health care costs con...